Financial Services Spotlight

May, June and July Developments

Posted by Roy Andersen on Aug 9, 2017 1:44:12 PM

With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records administration and its whistleblower program. It has also introduced a new project to evaluate its system of rules to see where simplification is warranted. FinCEN is moving against a Chinese bank that helps North Korea.

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Topics: OFAC, CFTC, FDIC, FinCEN, Qualified Financial Contracts, NCUA, Consumer Financial Products

March 2016 First Half Developments

Posted by Roy Andersen on Mar 16, 2016 12:00:00 PM

Overview

FinCEN published changes to the rules governing FBARs.  The change that may require more work is for those institutions that control more than 25 foreign accounts because more information will need to be reported with regarding to those accounts. The nuclear agreement with Iran resulted in dozens of changes to the SDN List and OFAC has published a comprehensive list of changes, most of businesses that are now authorized to engage in increased business activities.  Credit Unions continue to make inroads on banking activities and a new rule was adopted to liberalize commercial lending activities. Such lending is still an overall small percentage of credit union business but it is the fastest growing segment of credit union activity.

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Topics: OFAC, Ukraine, Iran, FBARs, Foreign Bank Accounts, Zimbabwe, Venezuela, Foreign Banking, Money laundering, FinCEN, Credit Union Commercial Loans, Terrorism Risk Insurance

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About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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